Yulee Trust Attorney

Yulee Trust Lawyer

A Yulee trust attorney can be a great resource if you need help protecting your assets. You have worked hard to accumulate your assets and net worth. Having an appropriate trust in place helps ensure those assets cannot be touched.

What Is a Trust?

A trust refers to an estate planning arrangement allowing a trustee (a third party) to hold assets for beneficiaries. It can be used to determine how assets will be distributed post-death. They are used to protect assets from creditors, dictate terms of inheritance for beneficiaries, and avoid estate taxes and probate. There are several different types of trusts you can create.

Types of Trusts

Some of the most commonly created trusts in Florida include:

• Irrevocable life insurance trusts. This can be established for tax purposes. While life insurance policies do not go through probate, this type of trust can enable a quick transfer of funds to the beneficiary after death. If done correctly, this trust can enable transfers of wealth between generations without taxation. Being that it’s irrevocable, no alterations or modifications can be made once it is created.
• Charitable trusts. These trusts simultaneously benefit the grantor, beneficiaries, and charity of your choice. You can create a charitable lead trust or a charitable remainder trust. Each one will allow you to donate assets to charities of your choice while getting some tax benefits.
• Asset protection trusts. The main aim of these trusts is to protect assets from lien holders and creditors.
• Spousal/Marital trusts. This ensures the surviving spouse is taken care of after death. While the surviving spouse typically has legal rights to inherit the estate through the probate process, some family dynamics can be very complicated. For example, if one spouse had multiple marriages, a spousal trust can be established to make things clear.

Why You Need the Help of a Trust Attorney

Creating a trust is not a simple process by any means. There is a reason people often hire attorneys to help. Three of the main reasons you need an attorney are:

• To ensure validity. Without an attorney helping you, you risk creating a trust that is invalid. The worst thing that could happen is for you to die with a trust, only for that trust to be invalid.
• It is more complicated than you think. There are several nuances of Florida trust laws that must be understood. Even if you believe your estate is relatively small, the process of creating a valid trust is difficult.
• Attorneys have experience. Having an attorney who has drafted and administered trusts before is a huge benefit to you. An attorney can answer any questions you may have and ensure that your wishes are fulfilled.

FAQs

Q: How Much Should a Trust Cost in Florida?

A: The costs of establishing a trust in Florida vary depending on the complexity of the trust needed and the assets being transferred into it. The costs will also depend on the attorney’s location and experience level. If you have multiple assets you wish to be transferred, it could increase the cost of the trust.

Hiring a trust attorney is a worthy investment because your trust will be done correctly, and your assets will be well protected. You generally get what you pay for regarding legal services.

Q: Do You Need a Lawyer for a Trust in Florida?

A: While Florida state laws do not mandate the use of an attorney when creating a trust, it is recommended that you use one. By having lawyers help you create the trust, you can rest assured that it is valid and done correctly. You need someone with legal experience and who understands estate plan laws. There can be legal traps and mistakes you could fall into without a lawyer. Creating a valid trust is not easy. It can become a complicated process that you want to be done correctly.

Q: What Are the Disadvantages of a Trust in Florida?

A: There are some disadvantages to having a trust in Florida. For one, it can be expensive to create. Trusts can be complex, and the legal documentation and guidance needed can be costly. Second, it can be time-consuming. Your assets will have to be individually moved into the trust.

This entails contacting your bank, investment and insurance companies, and any other asset holders to have ownership changed from your name to the trust. For real estate, you may need to collect new deeds of trust to move these assets.

Q: What Is Better in Florida, a Will or a Trust?

A: A will is not necessarily better than a trust and vice versa. They serve slightly different purposes, and each has their own advantages and disadvantages. A will becomes a public document once it is filed with the appropriate court.

A trust awards more privacy and benefits those with high profiles or net worth. A trust could also serve those who simply do not want their family members to know how assets will be divided up upon death. Trusts also provide more flexibility and control.

Q: What Assets Can Be Moved Into a Trust in Florida?

A: Assets that can be moved into a trust in Yulee, Florida include investments, real estate, life insurance policies, personal property, intellectual property, etc. Assets that cannot be placed into a trust are retirement accounts, such as 401(k)s, IRAs, 403(b)s, health savings accounts, cash, vehicles, and foreign assets.

Before you consider creating a trust, you should take an inventory of your assets and consult with an experienced Florida trust attorney. An attorney can review your situation and help determine if a trust is the right approach for you.

Legal Support When You Need It

Trusts are some of the most complex forms of estate planning law. Creating a trust is not something you should take on yourself. You need support from a legal professional experienced in Florida estate planning law.

Estate planning is about protecting and preserving the legacy you have worked so hard to build. The legal team at the Law Office of Douglas A. Oberdorfer, P.A. has helped many Florida residents with their estate planning needs. We take pride in helping individuals all across the state. With over two decades of legal experience, our team is equipped with the tools necessary to help you. Contact us today to get started.